Analyst Research Report Snapshot

Title:

SpaceandPeople - Germany takes up the baton

Price:

$100.00

Provider:

Equity Development

Date:

09 Sep 2013

Pages:

9

Type:

AcrobatPDF

Companies referenced:

SAL.L

Available for Immediate Download
Summary:

SpaceandPeople is the UK and Germany's leading facilitator of experiential marketing and temporary, in-mall retail sales. It has just released interim results for the 6 months to 30 June 2013, which show strong organic growth. Revenues are up 29% to £6.66m, EBIT up 50% to £657k, PBT up 60% to £613k and Basic EPS up 74% to 2.45p. H2 is likely to be a lower growth period, but cash flow could be much stronger. Germany has taken up the growth baton: the divisions there delivered very strong organic revenue and operating profit growth, compensating for the weaker UK retail environment. Trading on an undemanding 13x FY'13E earnings and yielding over 3%, we believe the shares remain attractively valued versus our 150p target level.

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